What is a foreclosure mediation program?

A foreclosure mediation program is a program designed to help individuals facing the potential of foreclosure in Washington. Foreclosure is the legal process that occurs when a homeowner fails to make mortgage payments and the lender files a claim against the property. The Washington Foreclosure Mediation Program was created to help individuals at risk of foreclosure. It provides an opportunity for lenders and borrowers to meet with a certified voluntary foreclosure mediator in an effort to reach a fair and agreeable resolution. The program is voluntary and uses a neutral third-party mediator to facilitate conversations and negotiations between the homeowner and lender. The mediation program is designed to help present a solution to the homeowner’s foreclosure dilemma. It allows the homeowner to discuss their financial situation and present an offer to the lender, so they can stay in the home or find an alternative resolution. Depending on their financial situation, an individual could receive a loan modification, repayment plan, or a deed in lieu of foreclosure. The mediation program is one of several options available to homeowners in Washington who are facing foreclosure and need assistance. It provides an opportunity to reach an agreement and find a solution to the foreclosure dilemma with the help of a neutral, third-party mediator.

Related FAQs

Can I be evicted after a foreclosure?
What are the steps in a foreclosure process?
What is a deficiency judgment?
What is the difference between a foreclosure auction and a sheriff sale?
What are the foreclosure timelines in my state?
What type of notice is required before a foreclosure sale?
What is a deficiency judgment in a foreclosure?
How can I protect myself from foreclosure?
What are the foreclosure laws in my state?
How do I avoid foreclosure proceedings?

What is a foreclosure mediation program?

Related FAQs

Related Blog Posts